Greenridge Investment Management has announced plans to raise over £150 mln (€205 mln) to build a £300 mln-plus regional UK commercial property investment portfolio.
Greenridge Investment Management has announced plans to raise over £150 mln (€205 mln) to build a £300 mln-plus regional UK commercial property investment portfolio.
The company has already closed it first fund within just one month of launch, raising £25 mln for Greenridge Regional UK Property No 1. The vehicle will look to purchase regional commercial properties with long-dated income focussing on lot sizes up to £15 mln.
Greenridge’s initial tranche of capital was raised from institutions and other professional investors from Australia, the Middle East and North Africa. With a maximum leverage of 65%, Greenridge has a £300 mln war chest to deploy in UK regional opportunities.
Mayfair-based Greenridge is run by Bik Bhuptani and Paul Simmons, who have worked together since 1994. Simmons started his career in a Central London-based investment chartered surveying practice and Bhuptani ran a private investment fund.
Having exited from the market in 2006, the pair began investing again in 2009 and have since built up a £150 mln investment portfolio comprising office, industrial and retail properties in locations ranging from Bexhill to Sunderland.
'We believe that offices in the regions are set to outperform Central London over the next five years. Increased demand from investors is fuelling yield compression and, on the occupier side, the improving economy and the lack of supply is driving up rental growth,' commented Bhuptani. 'Our expertise in the regional markets and our ability to swiftly execute transactions make us the partner of choice. We co-invest in every project to ensure we are closely aligned with the interests of our investors.'
Simmons added: 'We have already lined up a number of acquisitions. We expect to be able to update the market when we are out at MIPIM, where we will be meeting with investors and seeking to close more regional deals.'